Annual Meeting of Stockholders

February 22, 2010

Safe HarborForward-Looking Statements

This presentation contains certain forward-looking information within the meaning of the PrivateSecurities Litigation Reform Act of 1995. The words “believe,” “expect,” “anticipate,” “estimate,” “target,”and similar expressions, among others, identify forward-looking statements. All forward-lookingstatements are based on information currently available to management. Such forward-lookingstatements are subject to certain risks and uncertainties that could cause events and the Company’sactual results to differ materially from those expressed or implied. Please see the disclosure regardingforward-looking statements immediately preceding Part I of the Company’s Annual Report on Form 10-Kfor the fiscal year ended October 31, 2009. The Company assumes no obligation to update anyforward-looking statements.

Regulation G

This presentation includes certain non-GAAP financial measures that exclude restructuring and otherunusual charges and gains that are volatile from period to period. Management believes the non-GAAPmeas res pro ide a better indication of operational performance and a more stable platform on hich tomeasures provide a better indication of operational performance and a more stable platform on which tocompare the historical performance of the Company than the most nearly equivalent GAAP data. Allnon-GAAP data in the presentation are indicated by footnotes. Tables showing the reconciliationbetween GAAP and non-GAAP measures are available at the end of this presentation and on the GreifW b it t ifWeb site at www.greif.com.

Board of Directors

Director sinceVicki L Avril 2004Vicki L. AvrilBruce A. EdwardsMark A. Emkes

200420062008

John F. FinnMichael J. GasserD i l J G tt

200719911996Daniel J. Gunsett

Judith D. HookJohn W. McNamara

199620032009

Patrick J. Norton 2003

Michael H. Dempsey 1956-2009

4

Executive OfficersMichael J. Gasser Chairman of the Board and Chief Executive Officer

David B. Fischer President and Chief Operating Officer

Donald S. Huml Executive Vice President and Chief Financial OfficerDonald S. Huml Executive Vice President and Chief Financial Officer

Ronald L. Brown Senior Vice President, Strategic Projects

Karen P. Lane Senior Vice President, People Services and Talent Development

Gary R Martz Senior Vice President General Counsel and Secretary; and PresidentGary R. Martz Senior Vice President, General Counsel and Secretary; and President, Soterra LLC

Michael C. Patton Senior Vice President and President, Global Sourcing and Supply Chain and Divisional President, Industrial Packaging North America

Ivan Signorelli Senior Vice President and Divisional President, Industrial Packaging & Services – Europe, Middle East and Africa

Kenneth B. Andre, III Vice President and Corporate Controller

John K Dieker Vice President and TreasurerJohn K. Dieker Vice President and Treasurer

Douglas W. Lingrel Vice President and Chief Information Officer

Sharon R. Maxwell Assistant Secretary

Ernst & Young LLP

Paul A Davison Coordinating PartnerPaul A. Davison Coordinating Partner

Craig A. Marshall Columbus Office Managing Partner

2009 - A Year of Challenges and OpportunitiesChallenges

• Sharp drop in volumes and uneven recovery• Sharp drop in volumes and uneven recovery • Global banking crisis and economic recession• Raw material price volatility and availability• Implementation of comprehensive contingency actions

Opportunitiespp

• Greif Business System initiatives• Strengthen balance sheet and increase debt capacity• Strengthen balance sheet and increase debt capacity• Larger acquisition pipeline

Strategy • Continue to strengthen the core.

> Industry consolidation> Emerging markets> Emerging markets> Product line extensions

• Optimize and embed the Greif Business System throughout theOptimize and embed the Greif Business System throughout theenterprise to achieve top quartile profitability and lowest costproducer status while enhancing safety and quality.

• Pursue adjacencies.

• Emphasize sustainability in all of the company’s activities to meetor exceed our stewardship responsibilities as a global citizen, andcreate long-term competitive and shareholder advantages.

• Fix, sell or close underperforming assets.

Continue to Strengthen the Core

• Industry consolidation

• 5 Industrial Packaging acquisitions• 1 Paper Packaging acquisition

• Product line extensions

• EarthMinded LLC• EarthMinded LLC

• Emerging markets

• Integrated filling and blending plant in China• Expanding geographic and substrate footprint

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pa d g geog ap c a d subst ate ootp t

Greif Business System

• Holistic approach to operational and commercialexcellence, global sourcing and supply chain, andworking capital management.

• Framework for quick response to target $100 millionq p g $in annual savings, which was increased to $150million at mid-year.

• More than 1,800 tasks implemented to achieve 2009cost-savings.

• Diagnostics have identified more than $100 million offuture cost savings.

10

g

Sustainability• Safety

• Medical case rate declined 35% over 5 years.

• Environmental

• 10/2 initiative reduced energy consumption 10.1% in two years.gy p y• Reduce energy consumption and GHG emissions by 15% per unit of

production over 2008 base year level by 2015.• Land management emphasis on responsible timber management,

harvesting and sale of special use properties expanded to includeharvesting and sale of special use properties expanded to includewildlife stewardship, recreation and development.

• Social

• International Pediatric Fellowship at Nationwide Children’s Hospital• EarthMinded LLC• Recreation Unlimited End of Summer Residential Camp

11

Recreation Unlimited End of Summer Residential Camp

Financial Review

(Dollars in millions)

Financial Profile(Dollars in millions)

CAGR

2002 2003 2004 2005 2006 2007 2008 2009

CAGR2002-2009

Net Sales $1,633 $1,916 $2,209 $2,424 $2,628 $3,322 $3,777 $2,792 8%

Operating Profit(1)

$ 92 $ 121 $ 155 $ 171 $ 238 $ 311 $ 413 $313 19%

Net Income(1)

$ 32 $ 43 $ 83 $ 96 $ 140 $ 190 $ 267 $194 29%

RONA(1) (2)

7.5% 10.1% 13.3% 15.9% 21.5% 21.3% 24.8% 17.7%

(1) Before restructuring charges, restructuring-related inventory charges, debt extinguishment charges, timberland disposals, net and cumulative effect of change in accounting principle See GAAP to Non GAAP reconciliation included in the Appendix of this presentationchange in accounting principle. See GAAP to Non-GAAP reconciliation included in the Appendix of this presentation.

(2) An explanation of the calculation of RONA is included in the Appendix of this presentation.

Strong Cash Generation(Dollars in millions)

Purchases of

(Dollars in millions)

Purchases of PP&E, net

$81

Other $7

Operating Cash Flow

$267Acquisitions

$91

Free Cash Flow(1)

$186

Cash Dividends

$88

33% of Operating Cash Flow Returned to Shareholders in Fiscal 2009

(1) Free cash flow = operating cash flow – purchases of PP&E, net

2009 Goals

• Outperform on a relative basis and focus on mitigating headwinds

> Place Greif Business System on a "war footing" and accelerate its impact

Dollars in millions

> Place Greif Business System on a "war footing" and accelerate its impact

> Flawlessly execute contingency actions to protect operating profits

> Rationalize footprint to reduce fixed costs and adjust to lower activity levels

Savings Target $150 / Actual $158

• Extend and expand credit facilities to improve financial flexibility

• Disciplined execution of growth strategy – balanced focus on defense• Disciplined execution of growth strategy – balanced focus on defense and offense

Emerge from the downturn even stronger than we entered it

•15

2009 Financing Activities

Facilities: $500 Revolving Credit Facility

(Dollars in millions)

Syndicated Senior Secured Credit

Facilities: $500 Revolving Credit Facility200 Term Loan A

$700 Total

Expiration: February 19, 2012

7 ¾% Senior Notes

Amount: $250

Maturity: July 2019Maturity: July 2019

Use of proceeds: For general corporate purposesp g p p p

2010 Goals• Deliver operating profit comparable to record levels of 2008

and top-quartile returns

• Permanent cost reduction / margin improvement of at least $120 million

• Optimize and leverage GBS – catalyst for performance improvement and acquisition integration

• Disciplined execution of growth strategy and portfolio optimization

P t t fi i l d ti l fl ibilit• Protect financial and operational flexibility

Positioned to fully participate in the global recovery

•17

Financial Objectives(1)

(Dollars in millions)(Dollars in millions)

Annual Organic Sales Growth 5%

Total Debt to Total Capitalization 30% - 40%

Annual Dividend Payout 30% - 35%

A l C it l E dit $85 $145Annual Capital Expenditures $85 - $145

Spread Over Cost of Capital 7.5% - 10%

(1) Over a complete market cycle.

Cash Dividends(Dollars per Class A Common Share)(Dollars per Class A Common Share)

2000-2009: 22% CAGR

• More than 75 consecutive years of cash dividends paid

• 30%-35% payout target over complete business cycle

• 3.1% current yield (1)

(1) Based on cash dividends paid during last 12 months (February 1, 2010).

Re-earning the Right to Premium Valuation

• GBS – a catalyst enabling strong relative performance and value creation during cyclical trough

• Diversity – a compelling competitive advantage

• Strong balance sheet and access to alternate sources of liquidity

• Balanced focus on defense (contingency planning/enterprise risk management) and offense

• Solid, experienced and performance-driven management team with record of accomplishment

“ the many devoted men and women of diverse types…the many devoted men and women of diverse types and sometimes of explosively direct power, who combined with others of quiet competence to make the improbable practical and the difficult, profitable.”

Jack DempseyFormer Chairman

Greif, Inc.

A diAppendix

GAAP to Non-GAAP ReconciliationReturn on Net Assets

UNAUDITED(Dollars in millions) 2002 2003 2004 2005 2006 2007 2008 2009

GAAP operating profit 101.2$ 65.4$ 108.7$ 191.9$ 246.2$ 289.6$ 370.3$ 235.3$ Restructuring charges 2.8 60.7 54.1 35.8 33.2 21.2 43.2 66.6 Restructuring-related inventory charges - - - - - - - 10.8 g y gTimberland disposals, net (12.1) (5.6) (7.5) (56.3) (41.3) 0.7 (0.4) -

Non-GAAP - operating profit before restructuring charges, restructuring-related inventory charges and timberland disposals, net 91.9$ 120.5$ 155.3$ 171.4$ 238.1$ 311.5$ 413.1$ 312.7$

Average cash (1) (30.8)$ (27.2)$ (36.1)$ (67.9)$ (148.9)$ (120.4)$ (101.0)$ (79.5)$ Average short-term borrowings (1) 19.3 21.5 16.6 17.9 24.6 34.9 48.4 56.8 Average current portion of long-term debt (1) 30.0 3.0 1.2 - - - - 3.5 Average long-term debt (1) 627.8 634.3 592.8 446.8 449.7 645.1 687.0 748.5 Average shareholders' equity (1) 583.7 566.9 590.0 677.9 779.6 904.0 1,030.4 1,034.9 Average net assets 1,230.0$ 1,198.5$ 1,164.5$ 1,074.7$ 1,105.0$ 1,463.6$ 1,664.8$ 1,764.2$

GAAP return on net assets (GAAP operating profit divided by average net assets) 8.2% 5.5% 9.3% 17.9% 22.3% 19.8% 22.2% 13.3%

Non-GAAP return on net assets (non-GAAP operating profit before restructuring charges, restructuring-related inventory

(1) Amounts used in the calculation for this graph are based upon the average balances as of the beginning of the

charges and timberland disposals, net divided by average net assets) 7.5% 10.1% 13.3% 15.9% 21.5% 21.3% 24.8% 17.7%

( ) Amounts used in the calculation for this graph are based upon the average balances as of the beginning of the fiscal year and end of each fiscal quarter for the years presented.

GAAP to Non-GAAP ReconciliationN t INet Income

GAAP to Non-GAAP ReconciliationNet Income

UNAUDITED(Dollars in millions) 2002 2003 2004 2005 2006 2007 2008 2009

GAAP - net income $ 31.0 $ 9.5 $ 47.8 $ 104.7 $ 142.1 $ 156.4 $ 234.4 $ 132.4 Restructuring charges, net of tax 1.8 42.0 40.9 25.7 23.5 15.8 33.0 52.1

Restructuring-related inventory charges, net of tax - - - - - - - 8.5

Debt extinguishment charge, net of tax 6.6 - - 2.0 - 17.5 - 0.6

Timberland disposals, net of tax (7.8) (3.9) (5.7) (36.3) (26.0) 0.5 (0.3) -

Cumulative effect of change in accounting principle - (4.8) - - - - - -

Non-GAAP - net income before restructuring charges, restructuring-related inventory charges, debt extinguishment charge, timberland disposals, net and cumulative effect of p ,change in accounting principle $ 31.6 $ 42.8 $ 83.0 $ 96.1 $ 139.6 $ 190.2 $ 267.1 $ 193.6